# Structural Break Analysis

| Model | Dep Var | N | Countries | R² |
|---|---|---|---|---|
| D1: pre-GFC | log_reer_combined | 1,441 | 99 | 0.122 |
| D2: post-GFC | log_reer_combined | 1,576 | 99 | -0.030 |
| D3: pre-2000 | log_reer_combined | 753 | 94 | 0.184 |
| D4: 2001-2024 | log_reer_combined | 2,264 | 99 | -0.029 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| D1: pre-GFC | Z_1 | -0.0160 | 0.5614 | 0.9772 |  |
| D1: pre-GFC | Z_2 | -0.0561 | 0.0842 | 0.5056 |  |
| D1: pre-GFC | Z_3 | 0.0038 | 0.0034 | 0.2668 |  |
| D1: pre-GFC | log_gdp_pc | 0.0543 | 0.0191 | 0.0046 | *** |
| D2: post-GFC | Z_1 | -1.5080 | 0.4511 | 0.0008 | *** |
| D2: post-GFC | Z_2 | 0.2253 | 0.0637 | 0.0004 | *** |
| D2: post-GFC | Z_3 | -0.0091 | 0.0025 | 0.0003 | *** |
| D2: post-GFC | log_gdp_pc | 0.0129 | 0.0220 | 0.5588 |  |
| D3: pre-2000 | Z_1 | 1.2954 | 0.7504 | 0.0847 | * |
| D3: pre-2000 | Z_2 | -0.2620 | 0.1121 | 0.0197 | ** |
| D3: pre-2000 | Z_3 | 0.0123 | 0.0046 | 0.0073 | *** |
| D3: pre-2000 | log_gdp_pc | 0.0386 | 0.0257 | 0.1329 |  |
| D4: 2001-2024 | Z_1 | -1.4454 | 0.3824 | 0.0002 | *** |
| D4: 2001-2024 | Z_2 | 0.1964 | 0.0546 | 0.0003 | *** |
| D4: 2001-2024 | Z_3 | -0.0075 | 0.0022 | 0.0005 | *** |
| D4: 2001-2024 | log_gdp_pc | 0.0465 | 0.0156 | 0.0028 | *** |

*Pre/post GFC and pre/post 2000 subsamples*